They don't have to be identical. You can RAID drives of different sizes. If you wish to use all space available, you'll configure them as JBOD (just a bunch of disks).
If you want to increase performance with a RAID 0, you can also, but the small drive will determine how much space is used on the larger one. So your 320GB will be made into a 240GB drive and the rest of the space will be wasted.
It is recommended that both drives should be identical in every way possible, but its not necessary. For instance, if one drive were 5400rpm and the other 7200rpm, the 7200rpm drive would be forced to run at 5400rpm.
Thats how it works